What Are Installment Loans?

Question by bdf s: What Are Installment Loans??
What are Installment Loans? How are they different from line of credit?

If I want to pay off my credit cards, should I take line of credit or Installment Loans?

Best answer:

Answer by wcqa626
An Installment Loan is where you get the money in a lump sum and start paying within 30 days of loan disbursement. A Line Of Credit is where you borrow funds as you need them, and only pay monthly payment on the amount you borrowed. To pay off you credit cards take out an installment loan, and start using credit responsibly.

Know better? Leave your own answer in the comments!